Solution
Created monthly reports which included:
1. Income Statement (Credit Sales)
2. Expense Statement (Bank Debit)
3. Debt Tracking Statement
4. Profit & Loss Statement
5. Sales Returns Statement
Outcome
Organized Financial Transactions: The business had to createa Business Bank account to make it easy to separate Personal Transactions from Business Transactions
Accurate Debt Tracking & Recovery: After tracking debts, the business owner was able to follow up on pending payments, which enabled all debts to be paid within a short time frame
Adequate Categorization of Income & Expenses: This helped the business get the exact figures for all financial activities for each month
Organized Customer Data: All customer details were collated, and a customer database was created for the business
And much more…
